New Altcoin ICO “Bitcoin Minetrix” Raises $13 Million Just Days From Halving – Will BTC Price Crash Next?

Bitcoin price displayed bullish strength to start the week, trading as high as $72,600 on Monday. BTC is up 12% since hitting its current April low of $64,800.

However, the largest cryptocurrency may not reach a new all-time high yet and could see another correction. BTC’s return to $66,500 is plausible, especially in light of the next printing of the CPI.

BTC price corrected 3% on Tuesday, trading as high as $69,700 before a marginal rebound to $70,500.

However, new BTC-pegged altcoins continue to see significant demand, given that the Bitcoin halving is now less than two weeks away.

New altcoin ICO Bitcoin Minetrix raised approximately $13 million and was estimated by some experts to generate returns of up to 100x.

Could Bitcoin price drop to $66,500 next?

Bitcoin’s recent rise to $72,600, while impressive, is not unusual. BTC has remained range-bound between its 4-hour 200 exponential moving average and $72,000 over the past few weeks.

Experts reveal that the largest cryptocurrency remains extremely bullish, especially on higher time frames. However, Bitcoin price would likely continue its range-bound consolidation move until a few weeks after the halving.

In this scenario, Bitcoin could retest its 4-hour 200 EMA, which is currently hovering around $66,500.

As such, traders expect high volatility in the coming week, driven by a slew of macroeconomic data releases.

Importantly, Wednesday’s Consumer Price Index and Thursday’s Producer Price Index will highlight the state of inflation in the US economy.

Notably, Bitcoin price collapsed in March due to macroeconomic risks and poor inflation data could lead to similar bearish price action.

How High Can BTC Price Go After Bitcoin Halving?

Although Bitcoin price hit a new all-time high ahead of the halving, analysts believe the best is yet to come.

Analyst Willy Woo points out that the annual growth in BTC supply is expected to drop from 1.7% to 0.85% after the halving.

The dwindling supply, combined with the surge in demand, provides the perfect backdrop for BTC price to surge towards $100,000 post-halving.

The US Federal Reserve is also expected to adopt a quantitative easing program in the coming months. This improvement in liquidity is beneficial for the stock market and could provide further boost to the price of Bitcoin.

New Altcoin ICO Bitcoin Minetrix

Although Bitcoin may remain in consolidation ahead of the halving, new altcoins such as $BTCMTX that could serve as a beta play on Bitcoin could be ready for a bullish breakout.

Bitcoin Minetrix ($BTCMTX) is an innovative cloud mining project, intended to make mining rewards accessible to retail investors.

As the technical expertise and capital investment required in traditional crypto mining continues to skyrocket, Bitcoin Minetrix users can mine BTC simply by staking $BTCMTX tokens.

Specifically, Minetrix mines BTC on behalf of its users and then distributes the profits proportionally, thereby democratizing the process.

Since small investors have been deprived of mining rewards for over a decade, $BTCMTX is seeing strong initial demand. Bitcoin ICO Minetrix has already raised almost $13 million in its ICO.

The new cryptocurrency is also expected to launch at the perfect time. There are only three stages left in the presale, meaning Bitcoin Minetrix will likely hit crypto exchanges shortly after the halving. Demand for BTC-related beta tokens would likely be extremely high at this point.

Therefore, YouTube trading experts such as Michael Wrubel And Jacob Bury are bullish on Bitcoin Minetrix, with Bury projecting up to 10 times the potential returns of $BTCMTX.

Visit the Bitcoin Minetrix ICO

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